Question

Please help me and put in how u got the answer and and explanation please xxx

a) The shoe store manager borrowed $17,000.00 from the bank to purchase 1000 pairs of shoes. The bank charges a simple interest rate of 5% per year on a loan to a business. If it takes 3 years to pay back the loan and interest, what is the total amount of interest that the shoe store will pay?

b) What is the total amount, including interest, that the shoe store must pay on the loan?

JUST ANSWER B PLEASE XXX
I put a) so you could do it but u dont have to answer it only b xxxx

Answer 1

Total amount = $19550

interest = $2550

Explanation:

Interest = principal x rate as decimal x time

interest = 17,000 x 0.05 x 3

interest = 2550

total amount = interest + principal

TA = 2550 + 17,000

TA = 19550